Which packaged account?

WillPS

peewhyeff said:

Saver101101 said:

I get the Mobile Phone Insurance (4 Phones), AA Cover (With Hire car etc.), Holiday Travel insurance with Winter sports cover, Home Emergency cover and other benefits for free with Lloyds, the downside is I need to keep £10k in the account or it would be £25 per month, but with the low interest rates I doubt I would earn £25 per month on £10k anyway, and they still pay me 1.5% (I think) up to £5k.

What is this account called?   Seems like a good deal.

There is no Lloyds account with a fee of a £25/month. The Platinum Account (still open to new customers) is £21, the Premier is £28.

The fee waiver on both was withdrawn for new customers many years ago and for remaining existing customers last October, after an earlier wave of removals in the mid-10s:

Lloyds to introduce up to £28/mth fee for customers with 'free' access to its Gold, Platinum and Premier packaged bank accounts (moneysavingexpert.com)

I'd be interested to know if Saver101101 is actually still benefitting from the waiver as they believe... have you checked your statements for the last few months?

Saver101101

peewhyeff said:

Saver101101 said:

I get the Mobile Phone Insurance (4 Phones), AA Cover (With Hire car etc.), Holiday Travel insurance with Winter sports cover, Home Emergency cover and other benefits for free with Lloyds, the downside is I need to keep £10k in the account or it would be £25 per month, but with the low interest rates I doubt I would earn £25 per month on £10k anyway, and they still pay me 1.5% (I think) up to £5k.

What is this account called?   Seems like a good deal.

https://www.lloydsbank.com/assets/assets-private-banking/media/pdf/pb-premier-current-account.pdf

penners324

Utterly pointless these packaged accounts to most people.

Phones are covered under most house contents insurances 
Breakdown cover is about £70 a year, cheaper if included in your car insurance 
Worldwide multi trip travel insurance is about £30 a year.

WillPS

Saver101101 said:

peewhyeff said:

Saver101101 said:

I get the Mobile Phone Insurance (4 Phones), AA Cover (With Hire car etc.), Holiday Travel insurance with Winter sports cover, Home Emergency cover and other benefits for free with Lloyds, the downside is I need to keep £10k in the account or it would be £25 per month, but with the low interest rates I doubt I would earn £25 per month on £10k anyway, and they still pay me 1.5% (I think) up to £5k.

What is this account called?   Seems like a good deal.

https://www.lloydsbank.com/assets/assets-private-banking/media/pdf/pb-premier-current-account.pdf

Check your account. Have you had the fee waived since October?

WillPS

penners324 said:

Utterly pointless these packaged accounts to most people.

Phones are covered under most house contents insurances 
Breakdown cover is about £70 a year, cheaper if included in your car insurance 
Worldwide multi trip travel insurance is about £30 a year.

Phones are covered against theft from home on most home contents insurances - accidental damage and loss or theft away from home are most certainly not covered on mine, nor is cover in case the thing simply stops working outside warranty.

The cheapest standalone policy I could find for my phone alone was around £80-£100, yet for £144 (£12 after £5 reward payment) I get my fiancée's phone insured and breakdown cover too.

The travel insurance and home emergency insurance are not particularly useful to us as we don't fly abroad for our holidays and our home is rented, but nice to have all the same and could still be useful in a pinch.

Daliah

penners324 said:

Utterly pointless these packaged accounts to most people.

Phones are covered under most house contents insurances 
Breakdown cover is about £70 a year, cheaper if included in your car insurance 
Worldwide multi trip travel insurance is about £30 a year.

As with everything, you get what you pay for.  As per above, my contents insurance only provides basic cover for my mobile. I can buy extra cover but it still wouldn‘t be as good as specialist mobile insurance. As to a £30 ww multi-trip insurance for over 65s: even if I could find one for that price, I doubt I would be happy with the cover it would give me. 

I wouldn‘t buy the Lloyds one mentioned above as it looks overpriced but I am quite content that paying £13 a month at Nationwide is good value for money.

Marchitiello

I would also add that the Nationwide FlexiPlus account benefits applies to the whole family (both phone and travel
Insurance), which is quite good. My wife has such an account but we made claims for her and our son phones with no issue whatsoever (they send you refurbished phones rather then brand new). She also used the Road assistance once she got stranded with her old car. Travel
Insurance is also fine but I get a better one with HSBC premier.

PRAISETHESUN

penners324 said:

Utterly pointless these packaged accounts to most people.

Phones are covered under most house contents insurances 
Breakdown cover is about £70 a year, cheaper if included in your car insurance 
Worldwide multi trip travel insurance is about £30 a year.

It's better value if you hold a joint account - as both account holders benefit from the insurances whilst only paying 1 monthly fee. But otherwise I would tend to agree that for many people, shopping around and buying these separately would be better value.

I held the Nationwide FlexPlus for a bit a few years ago back when it offered 3% interest, but dropped it when they removed it as it no longer became good value for me.

Saver101101

WillPS said:

Saver101101 said:

peewhyeff said:

Saver101101 said:

I get the Mobile Phone Insurance (4 Phones), AA Cover (With Hire car etc.), Holiday Travel insurance with Winter sports cover, Home Emergency cover and other benefits for free with Lloyds, the downside is I need to keep £10k in the account or it would be £25 per month, but with the low interest rates I doubt I would earn £25 per month on £10k anyway, and they still pay me 1.5% (I think) up to £5k.

What is this account called?   Seems like a good deal.

https://www.lloydsbank.com/assets/assets-private-banking/media/pdf/pb-premier-current-account.pdf

Check your account. Have you had the fee waived since October?

I have never paid the fee, as long as you maintain a balance of £10k or more its waived, I opened the account prior to 2008, so It was basically the old Premier Account benefits, although that account has been withdrawn existing customers still benefit  from the features:

Private Banking Premier Current Account monthly maintaining the account fee £25
Total annual maintaining the account fee £300
We won’t charge the fee if you have at least £10,000 in your account throughout the monthly charging period
Accounts opened or converted before 4th August 2008

jimjames

penners324 said:

Utterly pointless these packaged accounts to most people.

Phones are covered under most house contents insurances 
Breakdown cover is about £70 a year, cheaper if included in your car insurance 
Worldwide multi trip travel insurance is about £30 a year.

I disagree. With 4 phones covered anywhere in the world, breakdown cover for UK and Europe for any age of cars and family travel insurance the Nationwide option is good value. I agree that for some it wouldn't be worthwhile but if you check the details are relevant then it can be a good deal. Bear in mind that the price is the same for a joint account so you both get cover as well as kids under 18.

Cheapest travel policy I can find is £75. Even if your breakdown cover is correct (I believe that's too low as well) then the total is already more than the cost of £13 per month.